Do you have a Plan B?

18052006

My recent post on China and scenario planning brought me to think about what really is under our complete control….and what isn’t? Do you have a “Plan B” for your business, job and life in case things spin out of your control?

In your business you are absolutely in control of what? Suppliers, employees, margins, negotiations…..little things that add up to make the difference between you and your competitor.

What happens when the BIG things begin to change….events outside of your control…that have a major impact on you and possibly on your competitor (if they are in your country). To name a few; declaration of war, natural disasters (tsunami, hurricane), immigration controls, massive currency devaluation and huge increases in raw material costs (petroleum and energy).

Do you have a plan “B” to quickly shift to the new realities?

In your job and personal life what happens if BIG events unfold, such as; sale of the company, bankruptcy, merger, moving operations to another country, major illness.

Do you have a “Plan B” if the worst should happen?

I can see you shaking your head and saying that it is unlikely, or that you will deal with it when the time comes. Sure…just look at the Katrina survivors or Enron employees, or USA IT employees whose jobs were outsourced in the past years, or companies that depend upon petroleum and energy.

Hindsight is always 20/20, wouldn’t you like to say that you did the right thing at the right time? Take some time to make a “Plan B”…..just in case.